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    TRIUMPH REPORTS FOURTH QUARTER FISCAL 2024 RESULTS

    5/23/24 6:00:00 AM ET
    $TGI
    Aerospace
    Industrials
    Get the next $TGI alert in real time by email

    PROVIDES FISCAL YEAR 2025 GUIDANCE

    RADNOR, Pa., May 23, 2024 /PRNewswire/ -- Triumph Group, Inc. (NYSE:TGI) ("TRIUMPH" or the "Company") today reported financial results for its fourth quarter and fiscal 2024, which ended March 31, 2024.

    Fourth Quarter Fiscal 2024

    • Net sales of $358.6 million; organic sales growth of 11%
    • Operating income of $44.8 million with operating margin of 12.5%; adjusted operating income of $55.8 million with adjusted operating margin of 15.6%
    • Net income from continuing operations of $5.5 million, or $0.07 per diluted share; adjusted net income from continuing operations of $23.3 million, or $0.31 per diluted share
    • Adjusted EBITDAP of $58.3 million with Adjusted EBITDAP margin of 16.3%
    • Cash provided by operations of $77.7 million and free cash flow of $72.1 million

    Fiscal 2024

    • Net sales of $1.19 billion; organic sales growth of 13%
    • Operating income of $86.5 million with operating margin of 7.3%; adjusted operating income of $114.9 million with adjusted operating margin of 9.6%
    • Net loss from continuing operations of ($34.5) million, or $(0.46) per share; adjusted net loss from continuing operations of ($4.4) million, or $(0.06) per share
    • Adjusted EBITDAP of $144.3 million with Adjusted EBITDAP margin of 12.1%
    • Cash provided by operations of $9.4 million and free cash use of ($12.4) million

    Fiscal 2025 Guidance

    • Net sales of approximately $1.2 billion
    • Operating income of approximately $140.0 million, reflecting operating margin of 12%
    • Adjusted EBITDAP of approximately $182.0 million, reflecting Adjusted EBITDAP margin 15%
    • Earnings per diluted share of approximately $0.42
    • Cash flow from operations of $30.0 million to $50.0 million, free cash flow of $10.0 million to $25.0 million

    "TRIUMPH took important strategic actions during fiscal 2024 to create a more streamlined, value-added and IP-based business with a much stronger balance sheet," said Dan Crowley, TRIUMPH's chairman, president and chief executive officer.  "We completed the divestiture of our third-party Product Support MRO business during the fourth quarter and retired over $550.0 million of debt with the sale proceeds to materially accelerate our de-leveraging as committed to our shareholders during our September 2023 Investor Day."

    "We were pleased to report our eighth consecutive quarter of year over year organic growth as aftermarket volume grew rapidly in our remaining OEM businesses. While sales increased in our Interiors business in the fourth quarter, its profit and cash flow continued to lag due to external cost drivers.  We expect these headwinds to abate as narrowbody aircraft rates recover. However, TRIUMPH generated positive free cash flow overall and achieved our strongest margins of the fiscal year due to benefits from higher overall sales and strong aftermarket mix."

    Mr. Crowley continued, "TRIUMPH accelerated new business capture with a year-to-date book to bill rate of 1.28, lifting our backlog 22% year over year to the highest level since March 2020.  Our fiscal 2025 guidance reflects the strength of TRIUMPH's portfolio, helping to offset short-term end market headwinds, while enabling improvement across our key financial metrics, notably an estimated 300 basis point expansion in Adjusted EBITDAP margins. With the anticipated market demand from the coming aerospace and defense upcycle, we expect to deliver top and bottom-line growth rates at or above the market as we benefit from a focus on OEM and related aftermarket product lines."

    Fourth Quarter and Full Year Fiscal 2024 Overview





    Three Months Ended March 31,





    Fiscal Year Ended March 31,



    ($ in millions)



    2024





    2023





    2024





    2023



    Commercial OEM



    $

    139.6





    $

    144.3





    $

    530.3





    $

    541.5



    Military OEM





    71.2







    80.2







    261.9







    261.1



    Total OEM Revenue





    210.8







    224.4







    792.2







    802.5





























    Commercial Aftermarket





    56.4







    38.4







    164.0







    126.1



    Military Aftermarket





    65.3







    54.1







    183.1







    165.8



    Total Aftermarket Revenue





    121.6







    92.5







    347.1







    292.0





























    Non-Aviation Revenue





    25.4







    7.8







    50.0







    33.6



    Amortization of acquired contract liabilities





    0.8







    0.7







    2.7







    2.5



    Total Net Sales*



    $

    358.6





    $

    325.5





    $

    1,192.0





    $

    1,130.6



    * Differences due to rounding

























    Note> Aftermarket sales include both repair & overhaul services and spare parts sales.















    Excluding impacts from divestitures and exited or sunsetting programs, Commercial OEM sales decreased ($1.5) million, or (1.1%) in the quarter primarily on a year-to-date adjustment to non-aviation revenue, offset by increases in production volumes on the Boeing 787 program.

    Aftermarket sales include both repair and overhaul services as well as the sales of spare parts. Commercial Aftermarket sales increased $18.0 million, or 47.1%, driven by the continued improvement in overall air travel metrics, favorably impacting both spare part sales and repair and overhaul services. The impacts from divestitures and exited or sunsetting programs on Commercial aftermarket sales was not significant.

    Military OEM sales decreased ($9.0) million, or (11.2%) in the quarter, as decreased sales on military rotorcraft such as V-22 were partially offset by volume on other military programs, including fixed wing platforms.

    Military aftermarket sales increased $11.2 million, or 20.7% in the quarter, primarily on increased spares and repairs for military rotorcraft programs.

    Non-aviation sales include a year-to-date true-up adjustment, primarily from Commercial OEM sales.

    TRIUMPH's results included the following:

    ($ millions except EPS)



    Pre-tax





    After-tax





    Diluted EPS



    Income from Continuing Operations - GAAP



    $

    9.2





    $

    5.5





    $

    0.07



    Adjustments



















    Legal contingencies loss





    6.0







    6.0







    0.08



    Restructuring costs





    5.0







    5.0







    0.06



    Debt extinguishment loss





    6.8







    6.8







    0.09























    Adjusted income from continuing operations - non-GAAP*



    $

    27.0





    $

    23.3





    $

    0.31



    *Difference due to rounding.



















    Fourth quarter operating income of $44.8 million includes $5.0 million of restructuring costs related to the $40.0 million in cost reduction actions noted last quarter and $6.0 million in legal contingencies loss related to updates in our previously disclosed arbitration in our legacy Structures business.  Net income from continuing operations for the fourth quarter of fiscal 2024 was $5.5 million or $0.07 per diluted share.  In addition to the adjustments impacting operating income, the company incurred $6.8 million in debt extinguishment loss related to the retirement of debt in the quarter.

    The number of shares used in computing diluted income per share for the fourth quarter of 2024 was 77.8 million.

    Backlog, which represents the next 24 months of actual purchase orders with firm delivery dates or contract requirements, was $1.9 billion up 22% from prior fiscal year end. This increase was primarily on commercial OEM platforms.

    For the fourth quarter of fiscal 2024, cash flow provided by operations was $77.7 million, which was in line with expectations previously provided.

    Conference Call 

    TRIUMPH will hold a conference call today, May 23rd, at 8:30 a.m. (ET) to discuss the fourth quarter of fiscal 2024 results.  The conference call will be available live and archived on the Company's website at http://www.triumphgroup.com.  A slide presentation will be included with the audio portion of the webcast, and the presentation has been posted on the Company's website at https://www.triumphgroup.com/filings-financial/quarterly-results. An audio replay will be available from May 23rd to May 30th by calling (844) 344-7529 (Domestic) or (412) 317-0088 (International), passcode #8487447.

    About TRIUMPH 

    TRIUMPH, headquartered in Radnor, Pennsylvania, designs, develops, manufactures, repairs and provided spare parts across a broad portfolio of aerospace and defense systems and components. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators.

    More information about TRIUMPH can be found on the Company's website at www.triumphgroup.com.

    Forward Looking Statements

    Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations of or assumptions about guidance, financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies and organizational restructurings and our evaluation of potential adjustments to reported amounts, as described above. All forward-looking statements involve risks and uncertainties which could affect the Company's actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph Group's reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

    FINANCIAL DATA (UNAUDITED) ON FOLLOWING PAGES

    FINANCIAL DATA (UNAUDITED)

    TRIUMPH GROUP, INC. AND SUBSIDIARIES

    (in thousands, except per share data)







    Three Months Ended





    Year Ended







    March 31,





    March 31,



    CONDENSED STATEMENTS OF OPERATIONS



    2024





    2023





    2024





    2023



    Net sales



    $

    358,587





    $

    325,458





    $

    1,192,043





    $

    1,130,562



    Cost of sales (excluding depreciation shown below)





    250,459







    221,873







    869,201







    809,882



    Selling, general & administrative





    44,770







    49,069







    180,247







    191,087



    Depreciation & amortization





    7,563







    7,786







    29,625







    32,259



    Legal contingencies loss





    6,000







    —







    7,338







    —



    Restructuring costs





    4,985







    2,098







    6,970







    3,172



    Loss (gain) on sale of assets and businesses, net





    —







    1,640







    12,208







    (101,523)



    Operating income





    44,810







    42,992







    86,454







    195,685



    Interest expense and other, net





    28,667







    31,949







    123,021







    115,211



    Debt modification and extinguishment loss





    6,819







    31,603







    1,694







    33,044



    Warrant remeasurement gain





    —







    (3,146)







    (8,545)







    (8,683)



    Non-service defined benefit expense (income)





    88







    6,061







    (2,372)







    (19,664)



    Income tax expense





    3,775







    691







    7,123







    3,360



    Income (loss) from continuing operations





    5,461







    (24,166)







    (34,467)







    72,417



    Income from discontinued operations, net of tax





    542,284







    6,623







    546,851







    17,176



    Net income (loss)



    $

    547,745





    $

    (17,543)





    $

    512,384





    $

    89,593



    Earnings (loss) per share - basic:

























    Earnings (loss) per share - continuing operations



    $

    0.07





    $

    (0.37)





    $

    (0.46)





    $

    1.12



    Earnings per share - discontinued operations





    7.05







    0.10







    7.38







    0.26



    Earnings (loss) per share - basic



    $

    7.12





    $

    (0.27)





    $

    6.92





    $

    1.38



    Weighted average common shares outstanding - basic





    76,919







    65,189







    74,149







    65,021



    Earnings (loss) per share - diluted:

























    Earnings (loss) per share - continuing operations



    $

    0.07





    $

    (0.37)





    $

    (0.46)





    $

    0.96



    Earnings per share - discontinued operations





    6.97







    0.10







    7.38







    0.24



    Earnings (loss) per share - diluted



    $

    7.04





    $

    (0.27)





    $

    6.92





    $

    1.20



    Weighted average common shares outstanding - diluted





    77,817







    65,189







    74,149







    71,721



    (Continued)

    FINANCIAL DATA (UNAUDITED)

    TRIUMPH GROUP, INC. AND SUBSIDIARIES

    (dollars in thousands, except share data)

     

    BALANCE SHEETS



    Unaudited

    March 31,

    2024





    Unaudited

    March 31,

    2023



    Assets













    Cash and cash equivalents



    $

    392,511





    $

    227,403



    Accounts receivable, net





    138,272







    156,116



    Contract assets





    74,289







    86,740



    Inventory, net





    317,671







    309,084



    Prepaid and other current assets





    16,626







    14,073



    Assets held for sale





    —







    140,096



    Current assets





    939,369







    933,512



    Property and equipment, net





    144,287







    138,622



    Goodwill





    510,687







    509,449



    Intangible assets, net





    65,063







    73,898



    Other, net





    26,864







    28,697



    Assets held for sale - noncurrent





    —







    30,666



    Total assets



    $

    1,686,270





    $

    1,714,844



    Liabilities & Stockholders' Deficit













    Current portion of long-term debt



    $

    3,200





    $

    3,162



    Accounts payable





    167,349







    173,575



    Contract liabilities





    55,858







    44,095



    Accrued expenses





    129,855







    141,679



    Liabilities related to assets held for sale





    —







    34,413



    Current liabilities





    356,262







    396,924



    Long-term debt, less current portion





    1,074,999







    1,688,620



    Accrued pension and post-retirement benefits, noncurrent





    283,634







    359,375



    Deferred income taxes, noncurrent





    7,268







    7,268



    Other noncurrent liabilities





    68,521







    59,988



    Liabilities related to assets held for sale - noncurrent





    —







    65



    Stockholders' Deficit:













    Common stock, $.001 par value, 200,000,000 and 100,000,000 shares authorized, 76,923,691 and 65,432,589 shares issued





    77







    65



    Capital in excess of par value





    1,107,750







    964,741



    Accumulated other comprehensive loss





    (517,069)







    (554,646)



    Accumulated deficit





    (695,172)







    (1,207,556)



    Total stockholders' deficit





    (104,414)







    (797,396)



    Total liabilities and stockholders' deficit



    $

    1,686,270





    $

    1,714,844



    (Continued)

    FINANCIAL DATA (UNAUDITED)

    TRIUMPH GROUP, INC. AND SUBSIDIARIES

    (dollars in thousands)











    Fiscal Year Ended March 31







    2024





    2023



    Operating Activities













    Net income



    $

    512,384





    $

    89,593



    Adjustments to reconcile net income to net cash provided by (used in)

       operating activities:













    Depreciation and amortization





    33,250







    35,581



    Amortization of acquired contract liability





    (2,721)







    (2,500)



    (Gain) loss on sale of assets and businesses





    (556,161)







    (101,523)



    Curtailments, settlements, withdrawals, and special termination benefits loss, net





    —







    14,644



    Loss on modification and extinguishment of debt





    1,694







    32,613



    Other amortization included in interest expense





    5,925







    6,416



    Provision for credit losses





    1,136







    1,594



    Provision for deferred income taxes





    —







    14



    Warrants remeasurement gain





    (8,545)







    (9,796)



    Share-based compensation





    9,445







    8,913



    Changes in other assets and liabilities, excluding the effects of

       acquisitions and divestitures:













    Trade and other receivables





    7,879







    (26,433)



    Contract assets





    9,584







    (9,055)



    Inventories





    (17,460)







    (28,187)



    Prepaid expenses and other current assets





    (2,919)







    1,970



    Accounts payable, accrued expenses, and contract liabilities





    13,506







    (35,733)



    Accrued pension and other postretirement benefits





    (3,916)







    (32,562)



    Other, net





    6,362







    2,200



    Net cash provided by (used in) operating activities





    9,443







    (52,251)



    Investing Activities













    Capital expenditures





    (21,827)







    (20,676)



    Proceeds from (payments on) sale of assets and businesses





    713,413







    (6,220)



    Investment in joint venture





    (1,661)







    (272)



    Net cash provided by (used in) investing activities





    689,925







    (27,168)



    Financing Activities













    Proceeds from issuance of long-term debt





    2,000







    1,235,000



    Retirement of debt and finance lease obligations





    (608,701)







    (1,126,501)



    Payment of deferred financing costs





    (2,368)







    (17,097)



    Proceeds on issuance of common stock, net of issuance costs





    79,961







    4,090



    Premium on redemption of long-term debt





    (3,600)







    (26,157)



    Repurchase of shares for share-based compensation

       minimum tax obligation





    (1,629)







    (3,547)



    Net cash (used in) provided by financing activities





    (534,337)







    65,788



    Effect of exchange rate changes on cash





    77







    156



    Net change in cash and cash equivalents





    165,108







    (13,475)



    Cash and cash equivalents at beginning of period





    227,403







    240,878



    Cash and cash equivalents at end of period



    $

    392,511





    $

    227,403



    (CONTINUED)

    FINANCIAL DATA (UNAUDITED)

    TRIUMPH GROUP, INC. AND SUBSIDIARIES

    (dollars in thousands)







    Three Months Ended





    Year Ended







    March 31,





    March 31,







    2024





    2023





    2024





    2023



    Systems & Support

























    Net sales to external customer



    $

    310,116





    $

    285,583





    $

    1,027,630





    $

    918,960



    Inter-segment sales (eliminated in consolidation)





    71







    90







    795







    391



    Segment EBITDAP





    71,336







    64,134







    200,074







    172,415



    Segment EBITDAP Margin





    23.1

    %





    22.5

    %





    19.5

    %





    18.8

    %

    Depreciation & amortization





    6,468







    6,655







    25,273







    26,460























































    Interiors

























    Net sales to external customer



    $

    48,471





    $

    39,875





    $

    164,413





    $

    211,602



    Inter-segment sales (eliminated in consolidation)





    14







    3







    27







    45



    Segment EBITDAP





    1,137







    3,047







    (5,000)







    31,937



    Segment EBITDAP Margin





    2.3

    %





    7.6

    %





    -3.0

    %





    14.0

    %

    Depreciation & amortization





    594







    624







    2,505







    3,683





























    (Continued)

    FINANCIAL DATA (UNAUDITED)

    TRIUMPH GROUP, INC, AND SUBSIDIARES

    (dollars in thousands)

    Non-GAAP Financial Measure Disclosures

    We prepare and publicly release annual audited and quarterly unaudited financial statements prepared in accordance with U.S. GAAP. In accordance with Securities and Exchange Commission (the "SEC") rules, we also disclose and discuss certain non-GAAP financial measures in our public filings and earning releases. Currently, the non-GAAP financial measures that we disclose are Adjusted EBITDA, which is our income (loss) from continuing operations before interest and gains or losses on debt extinguishment, income taxes, amortization of acquired contract liabilities, consideration payable to customer related to divestitures, legal contingencies loss, gains/loss on divestitures, gains/losses on warrant remeasurements and warrant-related transaction costs, share-based compensation expense, depreciation and amortization (including impairment of long-lived assets), other non-recurring impairments, and the effects of certain pension charges such as curtailments, settlements, withdrawals, and other early retirement incentives; and Adjusted EBITDAP, which is Adjusted EBITDA, before pension expense or benefit (excluding pension charges already adjusted in Adjusted EBITDA). We disclose Adjusted EBITDA on a consolidated and Adjusted EBITDAP on a consolidated and a reportable segment basis in our earnings releases, investor conference calls and filings with the SEC. The non-GAAP financial measures that we use may not be comparable to similarly titled measures reported by other companies. Also, in the future, we may disclose different non-GAAP financial measures in order to help our investors more meaningfully evaluate and compare our future results of operations with our previously reported results of operations.

    We view Adjusted EBITDA and Adjusted EBITDAP as operating performance measures and, as such, we believe that the U.S. GAAP financial measure most directly comparable to such measures is income (loss) from continuing operations. In calculating Adjusted EBITDA and Adjusted EBITDAP, we exclude from income (loss) from continuing operations the financial items that we believe should be separately identified to provide additional analysis of the financial components of the day-to-day operation of our business. We have outlined below the type and scope of these exclusions and the material limitations on the use of these non-GAAP financial measures as a result of these exclusions. Adjusted EBITDA and Adjusted EBITDAP are not measurements of financial performance under U.S. GAAP and should not be considered as a measure of liquidity, as an alternative to income (loss) from continuing operations, or as an indicator of any other measure of performance derived in accordance with U.S. GAAP. Investors and potential investors in our securities should not rely on Adjusted EBITDA or Adjusted EBITDAP as a substitute for any U.S. GAAP financial measure, including  income (loss) from continuing operations. In addition, we urge investors and potential investors in our securities to carefully review the reconciliation of Adjusted EBITDA and Adjusted EBITDAP to income (loss) from continuing operations set forth below, in our earnings releases, and in other filings with the SEC and to carefully review the U.S. GAAP financial information included as part of our Quarterly Reports on Form 10-Q and our Annual Reports on Form 10-K that are filed with the SEC, as well as our quarterly earnings releases, and compare the U.S. GAAP financial information with our Adjusted EBITDA and Adjusted EBITDAP.

    Adjusted EBITDA and Adjusted EBITDAP are used by management to internally measure our operating and management performance and by investors as a supplemental financial measure to evaluate the performance of our business that, when viewed with our U.S. GAAP results and the accompanying reconciliation, we believe provides additional information that is useful to gain an understanding of the factors and trends affecting our business. We have spent more than 20 years expanding our product and service capabilities, partially through acquisitions of complementary businesses. Due to the expansion of our operations, which included acquisitions, our income (loss) from continuing operations has included significant charges for depreciation and amortization. Adjusted EBITDA and Adjusted EBITDAP exclude these charges and provide meaningful information about the operating performance of our business, apart from charges for depreciation and amortization. We believe the disclosure of Adjusted EBITDA and Adjusted EBITDAP helps investors meaningfully evaluate and compare our performance from quarter to quarter and from year to year. We also believe Adjusted EBITDA and Adjusted EBITDAP are measures of our ongoing operating performance because the isolation of noncash charges, such as depreciation and amortization, and nonoperating items, such as interest, income taxes, pension and other postretirement benefits, provides additional information about our cost structure and, over time, helps track our operating progress. In addition, investors, securities analysts, and others have regularly relied on Adjusted EBITDA and Adjusted EBITDAP to provide financial measures by which to compare our operating performance against that of other companies in our industry.

    (Continued)

    FINANCIAL DATA (UNAUDITED)

    TRIUMPH GROUP, INC. AND SUBSIDIARIES

    (dollars in thousands)

    Set forth below are descriptions of the financial items that have been excluded from our income (loss) from continuing operations) to calculate Adjusted EBITDA and Adjusted EBITDAP and the material limitations associated with using these non-GAAP financial measures as compared with income (loss) from continuing operations:

    • Gains or losses from sale of assets and businesses may be useful for investors to consider because they reflect gains or losses from sale of operating units or other assets. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.
    • Warrants remeasurement gains or losses and Warrant-related transaction costs may be useful for investors to consider because they reflect the mark-to-market changes in the fair value of our Warrants and the costs associated with Warrants issuance. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.
    • Consideration payable to a customer related to a divestiture may be useful for investors to consider because it reflects consideration paid to facilitate the ultimate sale of operating units. We do not believe these charges necessarily reflect the current and ongoing cash earnings related to our operations.
    • Shareholder cooperation expenses may be useful for investors to consider because they represent certain costs of corporate governance that may be incurred periodically when reaching cooperative agreements with shareholders. We do not believe these charges necessarily reflect the current and ongoing cash earnings related to our operations.
    • Legal loss contingencies, when applicable, may be useful for investors to consider because it reflects gains or losses from legal disputes with third parties. We do not believe these gains or losses reflect the current and ongoing earnings related to our operations.
    • Non-service defined benefit income or expense from our pension and other postretirement benefit plans (inclusive of certain pension related transactions such as curtailments, settlements, withdrawal, and early retirement or other incentives) may be useful for investors to consider because they represent the cost of postretirement benefits to plan participants, net of the assumption of returns on the plan's assets and are not indicative of the cash paid for such benefits. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.
    • Amortization of acquired contract liabilities may be useful for investors to consider because it represents the noncash earnings on the fair value of off-market contracts acquired through acquisitions. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations.
    • Amortization expense and nonrecurring asset impairments (including goodwill and intangible asset impairments) may be useful for investors to consider because it represents the estimated attrition of our acquired customer base and the diminishing value of trade names, product rights, licenses, or, in the case of goodwill, other assets that are not individually identified and separately recognized under U.S. GAAP, or, in the case of nonrecurring asset impairments, the impact of unusual and nonrecurring events affecting the estimated recoverability of existing assets. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure.
    • Depreciation may be useful for investors to consider because it generally represents the wear and tear on our property and equipment used in our operations. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure.
    • Share-based compensation may be useful for investors to consider because it represents a portion of the total compensation to management and the board of directors. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure.
    • The amount of interest expense and other, as well as debt extinguishment gains or losses, we incur may be useful for investors to consider and may result in current cash inflows or outflows. However, we do not consider the amount of interest expense and other and debt extinguishment gains or losses to be a representative component of the day-to-day operating performance of our business.
    • Income tax expense may be useful for investors to consider because it generally represents the taxes which may be payable for the period and the change in deferred income taxes during the period and may reduce the amount of funds otherwise available for use in our business. However, we do not consider the amount of income tax expense to be a representative component of the day-to-day operating performance of our business.

    Management compensates for the above-described limitations of using non-GAAP measures by using a non-GAAP measure only to supplement our GAAP results and to provide additional information that is useful to gain an understanding of the factors and trends affecting our business.

    The following table shows our Adjusted EBITDA and Adjusted EBITDAP reconciled to our income (loss) from continuing operations for the indicated periods (in thousands):





    Three Months Ended





    Year Ended







    March 31,





    March 31,



    Adjusted Earnings before Interest, Taxes, Depreciation,

    Amortization, and Pension (Adjusted EBITDAP):



    2024





    2023





    2024





    2023



    Income (loss) from continuing operations



    $

    5,461





    $

    (24,166)





    $

    (34,467)





    $

    72,417



    Add-back:

























    Income tax expense





    3,775







    691







    7,123







    3,360



    Interest expense and other, net





    28,667







    31,949







    123,021







    115,211



    Debt modification and extinguishment (gain) loss





    6,819







    31,603







    1,694







    33,044



    Warrant remeasurement gain





    —







    (3,146)







    (8,545)







    (8,683)



    Legal contingencies loss





    6,000







    —







    7,338







    —



    Consideration payable to customer related to divestiture





    —







    —







    —







    17,185



    Shareholder cooperation expenses





    —







    —







    1,905







    —



    Loss (gain) on sales of assets and businesses, net





    —







    1,640







    12,208







    (101,523)



    Share-based compensation





    657







    2,493







    9,445







    8,913



    Amortization of acquired contract liabilities





    (756)







    (668)







    (2,721)







    (2,500)



    Depreciation and amortization





    7,563







    7,786







    29,625







    32,259



    Adjusted Earnings before Interest, Taxes, Depreciation

       and Amortization ("Adjusted EBITDA")



    $

    58,186





    $

    48,182





    $

    146,626





    $

    169,683



    Non-service defined benefit expense (income) (excluding settlements)





    88







    6,061







    (2,372)







    (19,664)



    Adjusted Earnings before Interest, Taxes, Depreciation

       and Amortization, and Pension ("Adjusted EBITDAP")



    $

    58,274





    $

    54,243





    $

    144,254





    $

    150,019



    Net sales



    $

    358,587





    $

    325,458





    $

    1,192,043





    $

    1,130,562



    Income (loss) from continuing operations margin





    1.5

    %





    (7.4)

    %





    (2.9)

    %





    6.4

    %

    Adjusted EBITDAP margin





    16.3

    %





    16.7

    %





    12.1

    %





    13.1

    %



























    (Continued)

    FINANCIAL DATA (UNAUDITED)

    TRIUMPH GROUP, INC. AND SUBSIDIARIES

    (dollars in thousands)

    Non-GAAP Financial Measure Disclosures (continued)

    Adjusted income from continuing operations, before income taxes, adjusted income from continuing operations and adjusted income from continuing operations per diluted share, before non-recurring costs have been provided for consistency and comparability. These measures should not be considered in isolation or as alternatives to income from continuing operations before income taxes, income from continuing operations and income from continuing operations per diluted share presented in accordance with GAAP.  The following tables reconcile income from continuing operations before income taxes, income from continuing operations, and income from continuing operations per diluted share, before non-recurring costs.





    Three Months Ended

    March 31, 2024



    (amounts in '000s, except per share amounts)



    Pre-Tax





    After-Tax





    Diluted EPS



    Income from continuing operations - GAAP



    $

    9,236





    $

    5,461





    $

    0.07



    Adjustments:



















    Legal contingencies loss





    6,000







    6,000







    0.08



    Restructuring costs





    4,985







    4,985







    0.06



    Debt extinguishment loss





    6,819







    6,819







    0.09



    Adjusted income from continuing operations - non-GAAP*



    $

    27,040





    $

    23,265





    $

    0.31









    Year Ended

    March 31, 2024







    Pre-Tax





    After-Tax





    Diluted EPS



    Loss from continuing operations - GAAP



    $

    (27,344)





    $

    (34,467)





    $

    (0.46)



    Adjustments:



















    Loss on sale of assets and businesses, net





    12,208







    12,208







    0.16



    Restructuring costs





    6,970







    6,970







    0.09



    Shareholder cooperation expenses





    1,905







    1,905







    0.03



    Debt modification and extinguishment loss





    1,694







    1,694







    0.02



    Legal contingencies loss





    7,338







    7,338







    0.10



    Adjusted loss from continuing operations - non-GAAP*



    $

    2,771





    $

    (4,352)





    $

    (0.06)



    *Difference due to rounding.



















      (Continued)    

    FINANCIAL DATA (UNAUDITED)

    TRIUMPH GROUP, INC. AND SUBSIDIARIES

    (dollars in thousands)







    Three Months Ended

    March 31, 2023







    Pre-Tax





    After-Tax





    Diluted EPS



    Loss from continuing operations - GAAP



    $

    (23,475)





    $

    (24,166)





    $

    (0.37)























    Adjustments:



















    Warrant related items





    2,083







    2,083







    0.12



    Loss on sale of assets and businesses, net





    1,640







    1,640







    0.02



    Restructuring costs





    2,098







    2,098







    0.02



    Debt modification and extinguishment loss





    31,603







    31,603







    0.36



    Spokane pension withdrawal





    14,644







    14,644







    0.17



    Adjusted income from continuing operations - non-GAAP



    $

    28,593





    $

    27,902





    $

    0.32



























    Year Ended

    March 31, 2023







    Pre-Tax





    After-Tax





    Diluted EPS



    Income from continuing operations - GAAP



    $

    75,777





    $

    72,417









    GAAP EPS Numerator Adjustments:



















    Warrant related items



    $

    (3,626)





    $

    (3,626)





























    GAAP EPS Numerator:



    $

    72,151





    $

    68,791





    $

    0.96



    Adjustments:



















    Gain on sale of assets and businesses, net





    (101,523)







    (101,523)







    (1.42)



    Restructuring costs





    3,172







    3,172







    0.04



    Consideration payable to customer related to divestiture^





    17,185







    17,185







    0.24



    Debt modification and extinguishment loss





    33,044







    33,044







    0.46



    Spokane pension withdrawal





    14,644







    14,644







    0.20



    Warrant issuance costs





    1,113







    1,113







    0.02



    Adjusted income from continuing operations - non-GAAP*



    $

    39,786





    $

    36,426





    $

    0.51



    *Difference due to rounding.



















    ^Recorded in net sales.



















    Non-GAAP Financial Measure Disclosures (continued)

    Adjusted Operating Income is defined as GAAP Operating Income, less expenses/gains associated with the Company's transformation, such as restructuring expenses, gains/losses on divestitures, impairments of goodwill and other assets. Management believes that this is useful in evaluating operating performance, but this measure should not be used in isolation. The following table reconciles our Operating income to Adjusted Operating income as noted above.





    Three Months Ended

    March 31,





    Year Ended

    March 31,







    2024





    2023





    2024





    2023



    Operating income - GAAP



    $

    44,810





    $

    42,992





    $

    86,454





    $

    195,685



    Adjustments:

























    Loss (gain) on sale of assets and businesses, net





    —







    1,640







    12,208







    (101,523)



    Legal contingencies loss





    6,000







    —







    7,338







    —



    Restructuring costs (cash based)





    4,985







    2,098







    6,970







    3,172



    Shareholder cooperation expenses





    —







    —







    1,905







    —



    Consideration payable to customer related to divestiture





    —







    —







    —







    17,185



    Adjusted operating income - non-GAAP



    $

    55,795





    $

    46,730





    $

    114,875





    $

    114,519



    Adjusted operating margin - non-GAAP





    15.6

    %





    14.4

    %





    9.6

    %





    10.0

    %

    (Continued)

    FINANCIAL DATA (UNAUDITED)

    TRIUMPH GROUP, INC. AND SUBSIDIARIES

    (dollars in thousands)







    Fiscal 2025



    ($ in millions)



    Guidance



    Income from continuing operations, before taxes



    $40.0



    Adjustments:







    Interest expense and other, net



    ~$95.0



    Non-service defined benefit expense



    ~$5.0



    Depreciation & Amortization



    ~$33.0



    Amortization of acquired contract liabilities



    ~($4.0)



    Share-based compensation



    ~$13.0



    Adjusted EBITDAP - non-GAAP



    $182.0



    Cash provided by operations, is provided for consistency and comparability. We also use free cash flow as a key factor in planning for and consideration of strategic acquisitions and the repayment of debt. This measure should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating results presented in accordance with GAAP. The following table reconciles cash provided by operations to free cash flow.



































    Three Months Ended

    March 31,





    Fiscal Year Ended

    March 31,





    Fiscal 2025

    Guidance

    $ in millions



    2024





    2023





    2024





    2023







    Cash provided by (used in) operating activities



    $

    77.7





    $

    60.0





    $

    9.4





    $

    (52.3)





    $  30.0 - $  50.0

    Less:





























    Capital expenditures





    (5.6)







    (8.3)







    (21.8)







    (20.7)





    $ (20.0) - $ (25.0)

    Free cash flow (use)*



    $

    72.1





    $

    51.8





    $

    (12.4)





    $

    (72.9)





    $ 10.0 - $ 25.0

    * Differences due to rounding



























































     

    Cision View original content:https://www.prnewswire.com/news-releases/triumph-reports-fourth-quarter-fiscal-2024-results-302153570.html

    SOURCE Triumph Group, Inc.

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